Tutor profile: Berkley O.

Sarah is twice as old as her youngest brother. If the difference between their ages is 15 years. How old is her youngest brother?

This problem can be expressed by two equations: s=2b s–b=15 Substituting 2b for s, in the second equation, gives: 2b – b = 15, where b = 15. The younger brother is 15 years old.

A decrease in demand and an increase in supply will do what to the equilibrium price?

It will cause a fall in equilibrium price, but the effect on equilibrium quantity cannot be determined. For any quantity, consumers now place a lower value on the good, and producers are willing to accept a lower price; therefore, price will fall.

On September 1, 20x1, Entity A entered into an agreement to rent office space for a year and paid $36,000 for a six-month rent. Prepare journal entries on the following dates: September 1, 20x1 Paid $36,000 rent for a six-month period from September 1, 20x1 to February 28, 20x2 December 31, 20x1 Record the rent expense for the period from September 1, 20x1 to December 31, 20x1

September 1, 20x1 Prepaid rent 36,000 Cash 36,000 December 31, 20x1 Rent expense 24,000 Prepaid rent 24,000 [Note]Monthly rent expense = $36,000 / 6 months = $6,000 Rent expense for the period from September 1 to December 31 = $6,000 x 4 = $24,000